117Interest is in the growth phase and held as a result of employment in which the member is still engaged—meaning of accrued benefit multiple

117 Interest is in the growth phase and held as a result of employment in which the member is still engaged—meaning of accrued benefit multiple

(1) This section applies for the purposes of paragraph 113(1)(b) for a lump sum, or pension, payable in respect of a superannuation interest of a member in an eligible superannuation plan (the relevant plan). (2) If an accrued benefit multiple is defined under the governing rules of the relevant plan, the accrued benefit multiple is that multiple. (3) If subsection (2) does not apply, but a multiple is, under the governing rules of the relevant plan, used to define the benefit payable to the member at the appropriate date, the accrued benefit multiple is that multiple. (4) If neither subsection (2) nor (3) applies, the accrued benefit multiple is: Start formula start fraction Multiple to calculate retirement benefit times First period over Second period end fraction end formula where:

multiple to calculate retirement benefit means:

(a) if the benefit in respect of the interest is payable as a lump sum—the multiple that will be applied to the member’s salary figure at the member’s earliest retirement date to calculate the lump sum retirement benefit that will be payable to the member at that date; or
(b) if the benefit in respect of the interest is payable as a pension—the multiple that will be applied to the member’s salary figure at the member’s earliest retirement date to calculate the pension benefit that will be payable to the member at that date.

first period means the period:

(a) starting on the earlier of:
(i) the day the member first became a member of the relevant plan; and
(ii) the day a benefit began to accrue to the member in respect of the superannuation interest; and
(b) ending on the day before the appropriate date.

second period means the period:

(a) starting on the earlier of:
(i) the day the member first became a member of the relevant plan; and
(ii) the day a benefit began to accrue to the member in respect of the superannuation interest; and
(b) ending on the day before the member’s earliest retirement date.

member’s earliest retirement date means the first date when the member could retire and become eligible, under the governing rules of the relevant plan, to be paid a retirement benefit in respect of the member’s superannuation interest in the relevant plan.

(5) For the purposes of subsection (4), if the member’s benefit in respect of the superannuation interest will, under the governing rules of the relevant plan, depend on the amount of contributions made by the member to the plan and no particular rate of contributions is required under the governing rules of the plan, assume that: (a) the member has contributed to the plan at the rate that, under the governing rules of the plan, is the standard rate of contributions, unless the member has exercised any election under those rules to contribute at a different rate; or (b) if, under the governing rules of the plan, a range of contribution rates is available to the member—the member has contributed to the plan at the mid‑point of that range, unless the member has exercised any election under the governing rules of the plan to contribute at a different rate.